Paronym funding round lures InVent
published : 28 Oct 2020 at 04:00
newspaper section: Business
InVent, the corporate venture capital arm of InTouch Holdings, has joined the US$6.5-million Series B funding for Tokyo-based interactive video technology provider Paronym, saying the Japanese startup's technology could be beneficial to various segments, including e-commerce and advertising.
The funding round was led by Japan Post Capital and NTT DOCOMO Ventures.
The TIG platform, developed by Paronym, allows information to be tagged onto objects in videos so that users can retrieve more than superficial information alone. The technology allows viewers to intuitively understand their interests by touching key points to engage richer information.
TIG service, which was launched in 2018, has been involved in more than 2,000 works of content. It is now available for use in digital signage, the Line app and live streaming.
"With TIG media, it is easy to use more powerful tools for brands that automatically convert engagement into transactions," said InVent head Narongpon Boonsongpaisan.
"Their applications are limitless, ranging across various segments from e-commerce, advertising, training and gaming to healthcare."
Mr Narongpon said InVent is seeking to invest in promising startups that concern business trends aligned with 5G-related and emerging technology.
Mr Narongpon says InVent is seeking to invest in promising startups.
"Our investments are not limited only in Thailand, but we are expanding our footprint to Asean and other countries including Japan as well to bring the best technology to InTouch Group," he said.
Mr Narongpon said Paronym can help many brands gain conversion rates that exceed other types of social media.
The technology has the potential for digital ads that can offer enriched experiences to users and give more opportunities for businesses in Thailand, Japan and Asean, he said.
This is the first time InTouch's InVent has directly invested in a Japanese company. InTouch did not divulge the size of the investment.
"We aim to provide innovative services in the video market in Thailand in the future," said Paronym chief executive Michio Kobayashi.
"With the new capital investment and strategic collaborations, Paronym wants to expand into Asean, especially the Thai market, to bring the best technology it has been developing in Japan."
According to him, Thailand is the largest digitally advanced nation in Asean. The country's e-commerce penetration rate is more than 40% and its e-comwmerce market is expected to rise from $900 million in 2015 to $13 billion in 2024.
In mid-October, InTouch announced InVent took part in the 50-million-baht Series A funding of ChomCHOB, a points exchange platform.
The platform lets people combine credit card points and member card points to become ChomCHOB points, which can be exchanged for goods and services.